Bitfinex, Tether will end virtual currency trading in New York

Bitfinex (BFX-USD) and Tether (USDT-USD) have been ordered to end all virtual currency trading activity with New Yorkers, according to the New York Attorney General's Office.The New York AG alleges that Bitfinex and Tether "deceived" clients and the market by overstating reserves and hiding about $850m in losses around the world.An agreement with Ifinex, the operator Bitfinex and Tether, will require the company to pay $18.5m in penalties and require a number to steps to increase "transparency."“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” NY AG Letitia James said in a statement. Earlier, Bitcoin sinks to $45K as crypto washout deepens.